Meruelo Elects to Defer Action Pending Announcement of Results of Digital
Generation's Special Committee Process
Calls on Company to Complete Process as Promised and Satisfy Obligations to
Maximize Stockholder Value
LOS ANGELES, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Alex Meruelo and Meruelo
Investment Partners LLC today issued the following statement regarding Digital
Generation, Inc. (Nasdaq:DGIT) (the "Company"):
"In light of the Company's publicly disclosed intentions to announce the
results of the Special Committee process prior to 11:00 A.M. (ET) on February
21, 2013, we have elected to withdraw our existing director nominations and
proposals.
We continue to be disappointed by the performance of the Company, management
and the board and disturbed by the delays and lack of transparency and other
governance, disclosure, and compliance issues that have plagued the Company
and the Special Committee process.
We hereby call on the Company to honor its commitment to complete the process
prior to February 21, 2013 and meet its obligations to maximize stockholder
value.
Should the Company fail to complete the process as contemplated by the
Company's definitive proxy statement or otherwise fail to act in the best
interests of stockholders, we may elect to take action, as appropriate, to
protect stockholders and preserve and create value, including, without
limitation, by making new director nominations and proposals and soliciting
proxies in connection with any annual meeting or special meeting of
stockholders called pursuant to the Company's bylaws.
About the Meruelo Parties
Meruelo Investment Partners LLC acts as an investment adviser or manager to
other persons and accounts and may be deemed to beneficially own securities
owned or held by or for the account or benefit of such persons and accounts.
The principal business of Meruelo Investment Partners is serving as an
investment adviser or manager to other persons and accounts.
Alex Meruelo is the Chief Executive Officer of Meruelo Investment Partners and
may be deemed to control, and beneficially own securities owned or held by,
Meruelo Investment Partners. The present principal occupation of Mr. Meruelo
is serving as the principal of the Meruelo Group, which includes affiliated
companies with significant interests in real estate management and
development, utility construction, hospitality and gaming, food services
(manufacturing, distribution and restaurant operations), banking and other
financial services, and television broadcast media.
About any Possible Proxy Solicitation
Although we are not currently soliciting proxies for any annual or special
meeting of stockholders of the Company, we reserve the right to do so.If we
elect to solicit proxies in the future, we will file a proxy statement and
other soliciting materials with the SEC and advise security holders to read
the materials (when they become available) because they will contain important
information.Security holders will be able to obtain any such materials (when
they become available) for free at the SEC's web site at http://www.sec.gov or
from us using the contact information provided herein or in such materials.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to
factors that could cause actual results to differ materially from expected
results, including assumptions that may not be correct or accurate due to
risks related to the Company and other parties, circumstances, and conditions
we cannot control or predict, the inherent uncertainty of future events, and
other factors that may cause us to change our plans.
CONTACT: Xavier A. Gutierrez
President and Chief Investment Officer
(562) 745-2339
For Investors:
Richard Grubaugh
D.F. King & Co., Inc.
212-493-6950
info@dfking.com